Sources acquainted with the issue revealed to Reuters, Cambridge Analytica was wanting to raise funds by issuing a cryptocurrency before getting to be associated with an outrage in regards to the abuse of information from Facebook.

Sources say that Cambridge Analytica took guidance from a firm that directs organisations on the best way to structure Initial Coin Offerings(ICOs). While it is obscure if the data analytics consultancy is as yet seeking to build up a digital currency, a representative revealed to Reuters that the firm was thinking about utilising Blockchain to secure online information:

“Prior to the Facebook controversy, we were developing a suite of technologies to help individuals reclaim their personal data from corporate entities and to have full transparency and control over how their personal data are used. We were exploring multiple options for people to manage and monetize their personal data, including Blockchain technology.”

Cambridge Analytica worked for the US President Donald Trump's 2016 elections and has as of late been under exceptional examination after it was accounted for that the firm increased dishonourable access to Facebook client information. Sources say the firm reaped private data from the profiles of more than 50 million clients. Both the US Congress and the British Parliament have addressed CEO Alexander Nix about the activities of the organisation.

ICOs have turned into a prominent means for firms to raise capital. This year, prominent encoded messaging services Telegram upraised $850 million in the second round of its ICO to help the advancement of the Telegram messenger application and its own Blockchain platform Telegraph Open Network.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .